I purchased a motor home lot in Palm Springs in 2007. I could not qualify for the loan, because of dropping home equity. Do I lose my down payment?
I purchased a Two Springs motor home lot with $2,500 down, balance to be paid in 90 days. Upon checking my home value, my home equity had drop $50,000 in just 6 months. Now leaving me in a position of not being able to get a loan. Do I lose my down payment?
Answers (1)
FIRST ANSWER
Hi Gerald,
You should get your good faith deposit back.
What are the conditions on your purchase contract?
Talk to your agent.
If you were in escrow you might have to pay some fees.
If you didn't open escrow, you get your good faith deposit back.
Best Regards,
Jes Sierra, B.Sc.
Realtor®
Chino Hills, CA
Didn’t find what you were looking for? Ask a question!
More Q&A about Financing in Palm Springs
View all »
Answered Thu Oct 15 2009, 21:59 by Jeannette Karis ABR… in Palm Springs
Answered Sun Mar 15 2009, 18:52 by Dana Schuster in Palm Springs
Answered Wed Aug 20 2008, 11:57 by Jessica Sulliman in Palm Springs
Answered Sat May 31 2008, 13:32 by Robert E Jones in Palm Springs
Answered Sat Feb 9 2008, 21:48 by Dot Chance in Palm Springs
Ask a question
Got a real estate question? Get answers from locals, experts and real estate pros.
Email me when…
View all »
1 - 3 of 77
|
|
|
|
|||||||||||
|
|
|
Copyright © 2009
Trulia, Inc. All rights reserved. |
Fair Housing and Equal Opportunity
Fair Housing and Equal Opportunity
Help us improve our service—send us feedback